>>> Brokers Upgrades & Downgrades

>>> Up
*DELHAIZE RAISED TO NEUTRAL VS SELL AT GOLDMAN
*UNITED UTILITIES ADDED TO CONVICTION BUY AT GOLDMAN


>>> Down
*MULBERRY CUT TO NEUTRAL VS BUY AT GOLDMAN
*SPIRENT COMMUNICATIONS CUT TO SELL VS NEUTRAL AT GOLDMAN


>>> PT change
*Austrian Post PT Raised to EU32.5 vs EU31.5 at Nomura
*Prada PT Cut to HKD72.2 vs HKD73.4 at Mediobanca
*Pop. Milano PT Cut to EU0.45 vs EU0.47 at Kepler Cheuvreux

>>> Initiation


>>> Country Sector Stock
*ABB CUT FROM GOLDMAN’S SUSTAIN FOCUS LIST
*ELAN CORP CUT FROM UBS’S M&A WATCH LIST AFTER PERRIGO DEAL
*TECHNIP CUT FROM GOLDMAN’S SUSTAIN FOCUS LIST
*Swatch Kept at Neutral at Citi, Richemont Still Preferred
*UNITED UTILITIES ADDED TO CONVICTION BUY AT GOLDMAN